The Central Bank of Nigeria (CBN) was said to have informed Commercial banks in the country that the minimum Forex bid rate will henceforth be N380/$1 and above and will no longer be N360 /$1. In an attempt to weaken the Naira..
This was seen by market watchers and analysts as an attempt at unifying the Naira and another adjustment of the exchange rate by the CBN. Recall the CBN Governor had informed investors that the bank will be unifying the exchange rate towards the NAFEX market rates..
Currently, rates are set at a floor of N360/$1 and a ceiling of N385/$1. Thus bidders are expected to bid within that range. The higher the bid the better your chances at getting forex.
The current 5 percent devaluation of the Naira by CBN is being seen as yielding to the pressures from the World Bank. The World Ban has threatened during that it will not disburse a $1.5bn dollars loan due to be disbursed to Nigeria until it collapsed the multiple exchange rates into one.